Drummond, Wisconsin Property Taxes
The median property tax rate in Drummond, WI is 0.87%, which is significantly lower than both the national median of 0.99% and the Wisconsin state median of 1.58%. With a median home value of $146,950 in Drummond, the typical annual property tax bill amounts to $1,264, well below the national median of $2,690. Property taxes in Drummond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Drummond's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Drummond or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drummond, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,278
Ownwell’s Drummond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drummond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drummond to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Drummond, Wisconsin
Property taxes in Drummond, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drummond is 1.33%, significantly higher than both the Wisconsin state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Drummond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drummond estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Drummond's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54832 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Drummond provides valuable insights into the varying tax landscape across Bayfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drummond Tax Rate
0.87%
Average Bayfield County Tax Rate
1.14%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drummond, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54832 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Drummond, Wisconsin
In Drummond, Wisconsin, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bayfield County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Drummond, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price is $146,950, with the 25th percentile tax bill at $682 and the 75th percentile tax bill at $2,310. The highest median tax bill is $1,264 in the 54832 zip code, which also has the lowest median tax bill at the same value. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Drummond Assessed Value
$146,950
Average Bayfield County Assessed Value
$167,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drummond, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54832 | $47,200 | $80,300 | $146,950 | $274,275 | $531,100 |
Source: Ownwell
Property Tax Bills Across Drummond, Wisconsin
In Drummond, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and reflects the estimated market value of the property. Homeowners in Drummond face a median property tax rate that can significantly impact their annual tax bills. For instance, the median home price in Drummond is $146,950. Depending on the assessed value and the specific tax rate applied, tax bills can vary widely. Homeowners in the 25th percentile might see tax bills around $682, while those in the 75th percentile could face bills up to $2,310. At the higher end, the 90th percentile tax bills can reach $4,630. These variations highlight the importance of accurate property assessments and the influence of local tax rates. Comparatively, the national median property tax rate stands at 0.99%, offering a benchmark for understanding how local rates measure up. Accurate assessments and an understanding of local tax rates are crucial for homeowners to anticipate their financial obligations.
Average Drummond Tax Bill
$1,264
Average Bayfield County Tax Bill
$1,916
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Drummond, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54832 | $391 | $682 | $1,264 | $2,310 | $4,630 |
Source: Ownwell